$249 Million Worth of Bitcoin Positions Liquidated After Price Drop

user avatar

by Giorgi Kostiuk

2 years ago

Over the past 24 hours, the cryptocurrency market witnessed a significant drop, leading to $249 million worth of long positions being liquidated due to the rise in the 10-year U.S. Treasury yield.

Reason Behind the Crash

Bitcoin's sharp price decline followed an increase in the 10-year U.S. Treasury yield. The Institute for Supply Management (ISM) released its latest report indicating a rise in the December Purchasing Managers' Index, sparking inflation concerns.

Market Reaction

In response to this data, U.S. equity markets also experienced a substantial drop. The Nasdaq-100 index fell by 1.3% and the S&P 500 slipped by 0.57%. Shares of MicroStrategy, the largest corporate holder of Bitcoin, dropped nearly 9% on Tuesday.

Experts' Position

Although the ISM services index is concerning for risk assets, Oliver Allen of Pantheon Macroeconomics believes that these data might not indicate a persistent inflation trend.

"The index is pretty volatile and often swings up and down without this ever showing up in the inflation numbers. We had a similar scare last January that ended up being a big fat nothing,"Oliver Allen

Markets continue to experience turmoil due to inflation concerns causing sharp fluctuations in cryptocurrency and stock prices. While recent economic data are alarming, experts caution against drawing definitive conclusions too soon.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

MEXC's Tokenized Stocks and ETFs Experience 30% Growth

chest

MEXC reported a 30% month-on-month increase in spot trading volume for tokenized stocks and ETFs, reflecting broad-based growth.

user avatarKofi Adjeman

MEXC Reports Significant Growth in August Trading Data

chest

MEXC reports significant growth in trading volumes across various asset classes in August 2026, with a 130% month-on-month increase in stock, index, and ETF Futures.

user avatarTando Nkube

TRON DAO Enhances MetaMask Connectivity for Users

chest

TRON DAO announces enhanced MetaMask connectivity for various dApps, improving user interaction within the TRON ecosystem.

user avatarNguyen Van Long

MetaMask Connectivity Now Supported by Leading TRON dApps

chest

Four major decentralized applications in the TRON ecosystem have integrated MetaMask connectivity, enhancing user access to on-chain finance.

user avatarSatoshi Nakamura

AI Researchers Reduce Quantum Attack Resource Benchmark by 86 Times

chest

Researchers have reduced the computing resources needed for a potential quantum attack on Bitcoin and Ethereum by 86 times.

user avatarJesper Sørensen

Regulators Urge Faster Cybersecurity Measures in Banking Sector

chest

Regulatory bodies are urging banks to adopt quicker patching and incident response strategies to combat evolving cyber threats.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.